Gayatri Projects share price rises 3%

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Gayatri Projects share price gained 3 percent intraday on January 13 after a promoter released a pledge on 4.15 percent equity.

Promoter T Indira Reddy, who holds 30.48 percent shareholding, released a pledge on 77.71 lakh shares on January 10.

The remaining holding--26.32 percent--is still pledged.

Gayatri Projects said the shares were pledged to Catalyst Trusteeship Limited as a security for the issue of 15.60% secured redeemable non-convertible debentures, having face value of Rs 10 lakh aggregating to Rs 80 crore by Gayatri Hotels and Theatres Private Limited and 15.60% secured redemmable non-convertible debentures, having face value of Rs 10 lakh aggregating to Rs 220 crore by Gayatri Energy Ventures Private Limited.

TV Sandeep Kumar Reddy also pledged his entire shareholding of 14.42 percent.

The stock has gained 17 percent in the last one month. It was quoting at Rs 86.80, up Rs 1.70, or 2 percent, on the BSE at 1413 hours.